Garmin (GRMN - Free Report) recently rolled out new ice fishing bundles in a bid to expand its marine offerings portfolio.
The new bundles include ECHOMAP UHD 93sv, ECHOMAP UHD 73cv, ECHOMAP UHD 63cv and STRIKER Plus 4, which are likely to drive the company’s momentum across chartplotters and sonar systems.
Apart from this, Garmin has also unveiled a new LiveScope Ice Fishing Kit comprising LiveScope System, swivel mount and portable kit.
Additionally, the company has upgraded its Panoptix PS22 Ice Bundle that will now support ECHOMAP UHD 73cv.
We note that all these new launches and updates, which are made to deliver enhanced fishing experience, are expected to aid Garmin in gaining strong momentum in the upcoming hard-water fishing season.
More About the New Bundles
ECHOMAP UHD 93sv, which comprises LakeVu g3 maps, offers flasher, map, sonar and other data access to the anglers. This particular chartplotter in integration with Panoptix LiveScope Ice Fishing Bundle provides real-time scanning sonar that enhances the fishing experience.
Further, ECHOMAP UHD 73cv and ECHOMAP UHD 63cv are well-equipped to offer clear fish targets. Moreover, these ice fishing bundles helping target separation seamlessly.
Notably, Garmin is likely to witness strong adoption of ECHOMAP ice fishing bundles that are designed to help in pinpointing schools of fish.
Meanwhile, STRIKER Plus 4 bundle helps in target separation and provides very clear images in shallow and deeper wateron the back of its dual-beam ice fishing transducer and Garmin CHIRP traditional sonar.
The company is likely to gain solid momentum among the entry-level fish finders with the support of STRIKER Plus 4.
Marine Segment to Grow
The latest move bodes well for the company’s continued efforts toward strengthening its key offerings in the marine segment.
Apart from the latest move, Garmin has recently introduced GMR Fantom 254/256 open-array radars featuring a pulse compression power of 250W.
These radars are especially designed for marine lovers. Featured with short- and long-range target detection performance and consistency, these radars help boaters and anglers to avoid any kind of potential collisions.
We believe expanding marine solutions portfolio is expected to drive growth in its marine segment.
Notably, this particular segment generated sales of $157.8 million in second-quarter 2020, accounting for 18% of total sales. Further, solid momentum across chartplotters and advanced sonars led to a 4% year-over-year growth in the segment’s top line.
Zacks Rank & Other Stocks to Consider
Garmin currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks worth considering in the broader computer and technology sector are Lam Research Coproration (LRCX - Free Report) , Teradyne, Inc. (TER - Free Report) and KLA Corporation (KLAC - Free Report) . While Lam Research sports a Zacks Rank #1 (Strong Buy), Teradyne and KLA carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Lam Research, Teradyne and KLA are pegged at 15.42% , 16.74% and 10.27%, respectively.
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